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The research aims to analyze the relationship between the working capital and firm performance of manufacturing companies listed in Indonesia stock exchange (IDX). Data were obtained from 33 manufactured from 2014 to 2018 using the Eviews 9.0 multiple regression analysis methods. The outcome showed the existence of a nonlinear relationship between both parties, which applies to the rise of financial constraints. Therefore, an increase in working capital helps firms to raise their sales till a certain optimal point is achieved. It also raises cost and risks of bankruptcy. This study, therefore, provides evidence of the nonlinear relationship between working capital management and firm performance of manufactured firms listed in the IDX. Keywords—financial constraints, firm performance, working capital, net trade cycle

Nonlinear Relationship Between Working Capital and Firm Performance Moderated by Financial Constraints on Manufacture Firms Listed in Indonesia Stock Exchange